Global M&A | TotalEnergies establishes Malaysian gas foothold through deal with OMV

February 6, 2024

On 31 January 2024, TotalEnergies announced that it had agreed to acquire OMV’s 50% stake in the SapuraOMV JV for US$903 million. The consideration includes the transfer of a US$350 million loan granted by OMV to SapuraOMV. The JV holds operating stakes in the producing SK310 (30%) and SK408 (40%) PSCs in Malaysia, plus exploration acreage in Australia, Mexico and New Zealand. The two PSCs supply feedgas to the PETRONAS-operated MLNG complex in Bintulu.